What is Forward Air Corp's earnings per share (EPS)?

Forward Air Corp (FWRD) reported diluted earnings per share of -$3.51 for fiscal year 2025. This represents a 88.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Forward Air Corp (FWRD) Financials

FWRD

Trailing 12 months to June 30, 2026

Revenue $2.5B -0.1% YoY

Net Income -$282.4M -63.2% YoY

EPS (Diluted) -$8.90 -48.6% YoY

Free Cash Flow $48.2M +503.2% YoY

Market Cap $528.3M as of Oct 10, 2026

Price / Sales 0.2x on $2.5B revenue, trailing 12 months to June 30, 2026

Price / Earnings n/m net loss, so no earnings multiple, trailing 12 months to June 30, 2026

Price / Book n/m negative shareholder equity, so no book multiple, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 5, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 5, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the FWRD SEC filings page.

Forward Air Corp (FWRD) reported $2.5B in revenue over the twelve months to Jun 30, 2026, down 0.1% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI FWRD FY2025 2026-10-04

Revenue is roughly flat, but operating recovery remains overshadowed by heavy interest costs and a sharply thinner equity cushion.

From FY2024 to FY2025, revenue was nearly unchanged while operating margin swung from -43.0% to 1.5%, showing the earnings recovery was operational rather than volume-led. Operating cash flow also became positive while net income stayed negative, so accounting earnings and cash generation are temporarily telling different stories.

The balance sheet carried $2.6B of liabilities against only $113M of equity, while debt-to-equity reached 14.9x; financing, rather than operations alone, now defines the capital structure. The current ratio fell from 1.8x in FY2022 to 1.2x, so short-term coverage is thinner even though current assets still exceed current liabilities.

Operating cash flow moved from -$69.0M in FY2024 to $44.4M in FY2025, indicating that cash operations recovered before profitability. Even with a $104M net loss, the company produced $15.3M of free cash flow, suggesting noncash charges and financing costs are depressing earnings more than near-term cash generation.

Financial Health Signals

Financial Health Score 30/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Forward Air Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Forward Air Corp has an operating margin of 1.5%, meaning the company retains $1 of operating profit per $100 of revenue. This below-average margin results in a low score of 14/100, suggesting thin profitability after operating expenses. This is up from -43.0% the prior year.

Growth

Forward Air Corp's revenue grew a modest 0.8% year-over-year to $2.5B. This slow but positive growth earns a score of 91/100.

Leverage

Forward Air Corp has elevated debt relative to equity (D/E of 14.89), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 6/100, reflecting increased financial risk.

Liquidity

Forward Air Corp's current ratio of 1.22 is below the typical benchmark, resulting in a score of 29/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

Forward Air Corp has a free cash flow margin of 0.6%, earning a moderate score of 30/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Forward Air Corp posts a -91.8% return on equity (ROE), meaning it loses $92 for every $100 of shareholders' equity. This results in a returns score of 12/100. This is up from -406.5% the prior year.

Altman Z-Score Distress

0.90

Forward Air Corp scores 0.90, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

4/8

Forward Air Corp passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Mixed

N/A

Forward Air Corp reported a net loss of $104.0M while generating $44.4M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.

Interest Coverage At Risk

0.20x

Forward Air Corp earns $0.20 in operating income for every $1 of interest expense ($36.4M vs $180.7M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$673.0M

YoY+8.8%

QoQ+15.6%

5Y CAGR+9.9%

10Y CAGR+10.9%

Forward Air Corp generated $673.0M in revenue in Q2 2026. This represents an increase of 8.8% from the same quarter a year earlier. Against the prior quarter it is up 15.6%.

EBITDA

-$163.1M

YoY-389.5%

QoQ-376.5%

Forward Air Corp's EBITDA was -$163.1M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 389.5% from the same quarter a year earlier. Against the prior quarter it is down 376.5%.

Net Income

-$207.3M

YoY-1547.5%

QoQ-504.0%

Forward Air Corp reported -$207.3M in net income in Q2 2026. This represents a decrease of 1547.5% from the same quarter a year earlier. Against the prior quarter it is down 504.0%.

EPS (Diluted)

-$6.38

YoY-1456.1%

QoQ-485.3%

Forward Air Corp earned -$6.38 per diluted share (EPS) in Q2 2026. This represents a decrease of 1456.1% from the same quarter a year earlier. Against the prior quarter it is down 485.3%.

Cash & Balance Sheet

Free Cash Flow

-$8.1M

YoY+54.9%

QoQ-120.9%

Forward Air Corp recorded an outflow of $8.1M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents an increase of 54.9% from the same quarter a year earlier. Against the prior quarter it is down 120.9%.

Cash & Debt

$139.4M

YoY+46.6%

QoQ-1.1%

5Y CAGR+22.4%

10Y CAGR+20.5%

Forward Air Corp held $139.4M in cash against $1.7B in long-term debt as of Q2 2026.

Shares Outstanding

34M

YoY+9.7%

QoQ+6.8%

5Y CAGR+4.5%

10Y CAGR+1.1%

Forward Air Corp had 34M shares outstanding in Q2 2026. This represents an increase of 9.7% from the same quarter a year earlier. Against the prior quarter it is up 6.8%.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Operating Margin

-29.9%

YoY-33.1pp

QoQ-33.4pp

Forward Air Corp's operating margin was -29.9% in Q2 2026, reflecting core business profitability. This is down 33.1 percentage points from the same quarter a year earlier. Against the prior quarter it is down 33.4 percentage points.

Net Margin

-30.8%

YoY-28.8pp

QoQ-24.9pp

5Y change-38.1pp

10Y change-26.6pp

Forward Air Corp's net profit margin was -30.8% in Q2 2026, showing the share of revenue converted to profit. This is down 28.8 percentage points from the same quarter a year earlier. Against the prior quarter it is down 24.9 percentage points.

Gross Margin

Not reported for Q2 2026.

Return on Equity

Not reported for Q2 2026.

Capital Allocation

Capital Expenditures

$3.2M

YoY-32.3%

QoQ-53.7%

5Y CAGR-11.4%

10Y CAGR-13.3%

Forward Air Corp invested $3.2M in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 32.3% from the same quarter a year earlier. Against the prior quarter it is down 53.7%.

R&D Spending

Not reported for Q2 2026.

Share Buybacks

Not reported for Q2 2026.

FWRD Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

FWRD quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$2.5B	$2.5B+0.8%	$2.5B+80.5%	$1.4B-18.4%	$1.7B+21.1%	$1.4B+9.3%	$1.3B+4.5%	$1.2B+6.8%	$1.1B-2.7%	$1.2B+13.5%	$1.0B+7.4%	$959.1M+22.8%	$781.0M+19.7%	$652.5M+11.6%	$584.4M+9.0%	$536.4M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	$650.7M+11.0%	$586.1M+3.9%	$564.3M+3.5%	$545.1M+18.3%	$460.8M	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	$618.9M-1.6%	$629.0M+9.7%	$573.3M-8.2%	$624.3M+9.6%	$569.4M	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$493.9M	$535.7M-0.1%	$536.4M+86.5%	$287.6M-5.0%	$302.8M+5.1%	$288.2M+6.4%	$270.8M+5.0%	$258.0M+12.4%	$229.6M-13.6%	$265.8M+9.7%	$242.3M+0.7%	$240.6M+32.1%	$182.1M+20.5%	$151.1M+11.9%	$135.0M+3.3%	$130.7M
Operating Income	-$168.7M	$36.4M+103.4%	-$1.1B-1305.0%	$88.2M-64.4%	$247.6M+68.4%	$147.0M+98.9%	$73.9M-34.2%	$112.4M-4.1%	$117.2M+7.8%	$108.8M+82.2%	$59.7M-27.0%	$81.8M-15.2%	$96.4M+14.3%	$84.4M+1.0%	$83.5M+8.3%	$77.1M
EBITDA	N/A	$189.1M+120.6%	-$919.0M-731.1%	$145.6M-49.8%	$290.1M+59.4%	$182.0M+63.9%	$111.0M-25.4%	$148.8M-2.8%	$153.0M+2.2%	$149.8M+53.0%	$97.9M-17.7%	$118.9M-6.8%	$127.5M+18.2%	$107.9M+3.2%	$104.6M+6.6%	$98.1M
Interest Expense	$177.2M	$180.7M-4.5%	$189.2M+499.3%	$31.6M+514.5%	$5.1M+18.4%	$4.3M-4.9%	$4.6M+68.2%	$2.7M+52.0%	$1.8M+47.5%	$1.2M-24.3%	$1.6M-22.0%	$2.0M+235.6%	$610K+14.7%	$532K+36.1%	$391K-36.8%	$619K
Income Tax	-$6.7M	-$5.5M+95.6%	-$125.0M-1003.4%	$13.8M-78.1%	$63.0M+76.0%	$35.8M+115.8%	$16.6M-39.4%	$27.4M+1.9%	$26.9M+32.5%	$20.3M-33.7%	$30.6M+27.0%	$24.1M-31.0%	$34.9M+18.5%	$29.5M-3.4%	$30.5M+3.8%	$29.4M
Net Income	-$282.4M	-$104.0M+87.3%	-$820.0M-591.0%	$167.0M-13.5%	$193.0M+82.1%	$106.0M+346.6%	$23.7M-72.8%	$87.1M-5.4%	$92.1M+5.5%	$87.3M+217.2%	$27.5M-50.5%	$55.6M-9.1%	$61.2M+12.3%	$54.5M+3.4%	$52.7M+11.6%	$47.2M
EPS (Basic)	N/A	-$3.51+88.5%	-$30.63-577.1%	$6.42-10.5%	$7.17+85.3%	$3.87+360.7%	$0.84-72.5%	$3.06-2.5%	$3.14+8.3%	$2.90+222.2%	$0.90-50.0%	$1.80-9.5%	$1.99+9.9%	$1.81-0.5%	$1.82+12.3%	$1.62
EPS (Diluted)	-$8.90	-$3.51+88.5%	-$30.63-578.6%	$6.40-10.4%	$7.14+85.5%	$3.85+358.3%	$0.84-72.4%	$3.04-2.6%	$3.12+8.0%	$2.89+221.1%	$0.90-49.4%	$1.78-9.2%	$1.96+10.7%	$1.77-0.6%	$1.78+11.2%	$1.60
Diluted Shares (Avg)	N/A	31M+11.5%	28M+5.9%	26M-3.4%	27M-1.3%	27M-1.5%	28M-2.2%	28M-3.0%	29M-2.6%	30M-1.6%	30M-1.9%	31M-0.1%	31M+1.0%	31M+4.2%	30M+0.3%	29M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$673.0M+8.8%	$582.0M-5.1%	$631.2M-0.3%	$631.8M-3.7%	$618.8M-3.9%	$613.3M+13.2%	$632.8M+87.0%	$655.9M+92.4%
SG&A Expenses	$130.0M-10.6%	$115.6M-18.6%	$116.4M	$131.9M-1.2%	$145.5M+1.0%	$141.9M+10.1%	N/A	$133.5M+77.1%
Operating Income	-$201.3M-1131.2%	$20.4M+329.2%	-$2.9M	$15.0M-33.9%	$19.5M+101.8%	$4.8M+107.2%	N/A	$22.7M+94.2%
EBITDA	-$163.1M-389.5%	$59.0M+40.0%	$37.9M	$52.8M+8.6%	$56.3M+105.4%	$42.1M+224.1%	N/A	$48.6M+87.6%
Interest Expense	$43.7M-3.5%	$43.6M-4.3%	$45.1M	$44.8M-15.2%	$45.3M-4.1%	$45.5M+11.8%	N/A	$52.8M+1887.6%
Income Tax	-$174K+99.0%	$1.8M-90.8%	-$8.7M	$385K-70.4%	-$16.7M+90.4%	$19.6M+206.8%	N/A	$1.3M-48.8%
Net Income	-$207.3M-1547.5%	-$34.3M+32.2%	-$24.5M+32.6%	-$16.3M+77.9%	-$12.6M+98.1%	-$50.6M+17.9%	-$36.4M-135.8%	-$73.4M-890.4%
EPS (Basic)	-$6.38-1456.1%	-$1.09+35.1%	-$0.91+26.6%	-$0.52+80.5%	-$0.41+98.3%	-$1.68+40.2%	-$1.24-131.6%	-$2.66-838.9%
EPS (Diluted)	-$6.38-1456.1%	-$1.09+35.1%	-$0.91+26.6%	-$0.52+80.5%	-$0.41+98.3%	-$1.68+40.2%	-$1.24-131.6%	-$2.66-838.9%
Diluted Shares (Avg)	32M+6.7%	31M+4.2%	N/A	31M+10.8%	30M+13.5%	30M+15.2%	N/A	28M+8.4%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.

FWRD Balance Sheet

FWRD quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$2.7B-3.0%	$2.8B-5.9%	$3.0B+146.6%	$1.2B+8.1%	$1.1B+6.7%	$1.0B+5.7%	$990.9M+30.3%	$760.2M+9.8%	$692.6M+7.5%	$644.0M-8.0%	$699.9M+29.8%	$539.3M+6.5%	$506.3M+26.8%	$399.2M+17.0%	$341.2M
Current Assets	$521.0M+10.3%	$472.5M+36.2%	$347.0M+14.0%	$304.3M+7.6%	$282.8M+15.0%	$245.9M+4.1%	$236.3M+17.5%	$201.1M+19.9%	$167.6M+23.0%	$136.3M-21.4%	$173.5M+17.6%	$147.5M-33.1%	$220.4M+11.1%	$198.4M+42.0%	$139.7M
Cash & Equivalents	$106.0M+1.0%	$104.9M-14.0%	$122.0M+166.2%	$45.8M+22.8%	$37.3M-7.3%	$40.3M-37.8%	$64.7M+152.4%	$25.7M+559.1%	$3.9M-54.3%	$8.5M-74.5%	$33.3M-19.6%	$41.4M-67.5%	$127.4M+13.5%	$112.2M+90.8%	$58.8M
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	$2.1M-4.8%	$2.2M+57.2%	$1.4M+9.1%	$1.3M-0.3%	$1.3M+24.1%	$1.1M+0.4%	$1.1M+16.8%	$901K+2.3%	$881K
Accounts Receivable	$343.6M+6.6%	$322.3M+110.3%	$153.3M-18.6%	$188.2M-9.5%	$208.1M+33.0%	$156.5M+14.9%	$136.2M-12.9%	$156.4M+5.7%	$147.9M+26.9%	$116.6M+6.8%	$109.2M+14.5%	$95.3M+24.6%	$76.5M+1.6%	$75.3M+6.1%	$70.9M
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$522.7M0.0%	$522.7M+87.5%	$278.7M+8.0%	$258.0M+18.0%	$218.6M-10.8%	$245.0M+13.6%	$215.7M+11.4%	$193.7M+1.1%	$191.7M+3.8%	$184.7M-10.2%	$205.6M+42.4%	$144.4M+63.2%	$88.5M+104.2%	$43.3M0.0%	$43.3M
Total Liabilities	$2.6B-1.7%	$2.6B+17.4%	$2.2B+342.3%	$500.8M-4.5%	$524.2M+4.8%	$500.1M+20.9%	$413.7M+99.9%	$207.0M+29.4%	$159.9M+9.8%	$145.7M-23.5%	$190.4M+151.4%	$75.7M+7.6%	$70.4M+48.2%	$47.5M-12.4%	$54.2M
Current Liabilities	$428.3M+11.5%	$384.0M+62.0%	$237.1M+40.0%	$169.4M+2.9%	$164.7M-4.0%	$171.6M+25.1%	$137.2M+83.6%	$74.7M+13.0%	$66.2M-15.1%	$77.9M-28.5%	$109.0M+151.1%	$43.4M+25.5%	$34.6M+24.0%	$27.9M-17.7%	$33.9M
Non-Current Liabilities	$2.1B-0.2%	$2.1B+7.8%	$2.0B+496.9%	$331.4M-7.8%	$359.5M+9.4%	$328.4M+18.8%	$276.5M+109.1%	$132.2M+41.0%	$93.8M+38.4%	$67.8M-16.7%	$81.4M+151.9%	$32.3M-9.7%	$35.8M+82.7%	$19.6M-3.6%	$20.3M
Long-Term Debt	$1.7B+0.7%	$1.7B	N/A	$106.6M-31.4%	$155.5M+38.3%	$112.4M+66.9%	$67.3M+42.4%	$47.3M+17.5%	$40.2M	N/A	$27.5M	$0-100.0%	$3K-94.8%	$58K	$0
Total Equity	$113.3M-43.8%	$201.7M-73.6%	$764.3M+8.1%	$707.2M+19.1%	$593.7M+8.5%	$547.3M-5.2%	$577.2M+4.3%	$553.2M+3.9%	$532.7M+6.9%	$498.3M-2.2%	$509.5M+9.9%	$463.6M+6.4%	$435.9M+23.9%	$351.7M+22.6%	$286.9M
Retained Earnings	-$447.1M-32.2%	-$338.2M-170.4%	$480.3M+10.1%	$436.1M+30.2%	$334.9M+10.1%	$304.1M-13.1%	$350.0M+2.2%	$342.7M+1.7%	$337.1M+5.6%	$319.3M-8.5%	$348.9M+4.7%	$333.2M+1.6%	$327.8M+14.3%	$286.7M+17.3%	$244.4M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$2.4B-12.7%	$2.7B-3.9%	$2.7B-3.0%	$2.8B-8.6%	$2.8B-10.0%	$2.8B-29.2%	$2.8B-5.9%	$3.1B+156.7%
Current Assets	$583.1M+22.9%	$542.4M+9.9%	$521.0M+10.3%	$552.5M+1.4%	$474.6M-15.0%	$493.4M-13.4%	$472.5M+36.2%	$545.1M+129.3%
Cash & Equivalents	$139.4M+46.6%	$141.0M+21.2%	$106.0M+1.0%	$140.4M+2.7%	$95.1M+12.1%	$116.3M-23.5%	$104.9M-14.0%	$136.6M+625.0%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Accounts Receivable	$369.5M+10.1%	$330.7M-1.7%	$343.6M+6.6%	$341.4M-5.4%	$335.7M-9.0%	$336.4M-4.4%	$322.3M+110.3%	$361.0M+88.3%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$278.7M-46.7%	$522.7M0.0%	$522.7M0.0%	$522.7M-27.0%	$522.7M-4.2%	$522.7M-62.1%	$522.7M+87.5%	$716.1M+100.7%
Total Liabilities	$2.5B-2.9%	$2.6B-1.3%	$2.6B-1.7%	$2.7B-6.2%	$2.6B-6.3%	$2.6B-12.7%	$2.6B+17.4%	$2.8B+439.1%
Current Liabilities	$441.6M+11.3%	$441.9M+0.8%	$428.3M+11.5%	$460.0M+2.5%	$396.7M-5.6%	$438.3M-1.5%	$384.0M+62.0%	$448.7M+135.6%
Non-Current Liabilities	$2.1B-5.5%	$2.2B-1.7%	$2.1B-0.2%	$2.2B-7.8%	$2.2B-6.4%	$2.2B-14.6%	$2.1B+7.8%	$2.4B+612.0%
Long-Term Debt	$1.7B+0.7%	$1.7B+0.7%	$1.7B+0.7%	$1.7B+0.7%	$1.7B+0.2%	$1.7B+0.9%	$1.7B	$1.7B+1307.8%
Total Equity	-$115.4M-176.0%	$81.0M-47.6%	$113.3M-43.8%	$139.8M-38.2%	$151.8M-46.5%	$154.6M-83.3%	$201.7M-73.6%	$226.1M-66.0%
Retained Earnings	-$690.3M-71.5%	-$482.9M-23.9%	-$447.1M-32.2%	-$418.8M-38.8%	-$402.5M-76.4%	-$389.8M-193.4%	-$338.2M-170.4%	-$301.6M-178.4%

Not reported in any period shown, so not listed: Inventory.

FWRD Cash Flow Statement

FWRD quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$70.8M	$44.4M+164.3%	-$69.0M-134.6%	$199.2M-20.4%	$250.2M+107.4%	$120.6M+25.5%	$96.1M-39.6%	$159.0M+4.2%	$152.6M+47.6%	$103.4M-20.7%	$130.4M+52.1%	$85.7M-6.5%	$91.7M+0.9%	$90.8M+32.4%	$68.6M-10.9%	$77.0M
Depreciation & Amortization	N/A	$152.6M+6.0%	$144.0M+150.8%	$57.4M+34.9%	$42.6M+21.7%	$35.0M-5.8%	$37.1M+2.0%	$36.4M+1.6%	$35.8M-12.7%	$41.1M+7.4%	$38.2M+2.8%	$37.2M+19.3%	$31.1M+32.0%	$23.6M+12.2%	$21.0M+0.1%	$21.0M
Stock-Based Compensation	N/A	$13.4M+31.8%	$10.2M-11.4%	$11.5M+7.8%	$10.7M+1.5%	$10.5M-4.8%	$11.0M-5.8%	$11.7M+15.0%	$10.2M+25.8%	$8.1M-2.8%	$8.3M+11.3%	$7.5M+12.0%	$6.7M+8.1%	$6.2M+2.1%	$6.0M+1.3%	$6.0M
Capital Expenditures	$22.6M	$29.1M-21.4%	$37.1M+20.6%	$30.7M-21.7%	$39.3M+2.3%	$38.4M+89.3%	$20.3M-7.9%	$22.0M-44.4%	$39.6M+3.4%	$38.3M-9.3%	$42.2M+4.2%	$40.5M+2.6%	$39.5M+11.4%	$35.4M+66.0%	$21.4M+0.6%	$21.2M
Free Cash Flow	$48.2M	$15.3M+114.4%	-$106.1M-163.0%	$168.5M-20.1%	$210.9M+156.5%	$82.2M+8.4%	$75.8M-44.6%	$137.0M+21.3%	$113.0M+73.6%	$65.1M-26.2%	$88.2M+94.9%	$45.2M-13.3%	$52.2M-5.8%	$55.4M+17.3%	$47.2M-15.3%	$55.7M
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-$63.9M-15.2%	-$55.5M+6.3%	-$59.2M-13.0%	-$52.4M+48.1%	-$100.9M+21.0%	-$127.7M-61.8%	-$78.9M-281.2%	-$20.7M-5.3%	-$19.7M
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-$56.0M+25.6%	-$75.3M-54.4%	-$48.8M+52.5%	-$102.8M-1551.6%	$7.1M+114.2%	-$49.9M-1626.1%	$3.3M-40.6%	$5.5M+107.5%	-$73.0M
Dividends Paid	N/A	$0	$0-100.0%	$25.0M-3.4%	$25.9M+12.6%	$23.0M+10.1%	$20.9M+1.8%	$20.5M+11.2%	$18.4M+2.1%	$18.1M+16.2%	$15.5M+4.8%	$14.8M+0.2%	$14.8M+21.9%	$12.1M+22.1%	$9.9M+21.4%	$8.2M
Share Buybacks	N/A	$0	$0-100.0%	$93.8M+49.4%	$62.8M+28.1%	$49.0M+8.3%	$45.2M-19.5%	$56.2M-15.0%	$66.1M+35.0%	$49.0M+22.5%	$40.0M+100.0%	$20.0M-50.0%	$40.0M+11191.5%	$354K	$0-100.0%	$26.1M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	-$4.9M+63.1%	$45.7M+65.6%	-$22.7M+2.2%	$52.7M+3.0%	-$13.2M+70.8%	$27.6M+153.4%	-$23.2M-140.7%	$51.2M+107.4%
Depreciation & Amortization	$38.3M+4.0%	$38.5M+3.1%	$40.7M+8.1%	$37.7M+45.8%	$36.8M-24.3%	$37.4M+17.5%	$37.7M+114.2%	$25.9M+82.2%
Stock-Based Compensation	N/A	$3.5M+19.7%	N/A	N/A	N/A	$3.0M+88.8%	N/A	N/A
Capital Expenditures	$3.2M-32.3%	$6.9M-41.7%	$8.4M+15.2%	$4.1M-60.5%	$4.7M-67.1%	$11.9M+139.6%	$7.3M-16.1%	$10.4M+78.2%
Free Cash Flow	-$8.1M+54.9%	$38.8M+146.9%	-$31.1M-1.9%	$48.6M+19.3%	-$18.0M+69.9%	$15.7M+127.7%	-$30.5M-162.9%	$40.7M+116.4%
Investing Cash Flow	$6.7M+271.2%	-$5.5M+50.9%	N/A	-$3.9M+59.3%	-$3.9M+72.2%	-$11.2M+99.3%	N/A	-$9.5M-65.0%
Financing Cash Flow	-$3.5M+23.5%	-$4.9M+7.8%	N/A	-$3.7M+43.1%	-$4.6M-9.1%	-$5.3M+96.6%	N/A	-$6.4M+72.7%
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	$0-100.0%	$0-100.0%
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	$0	$0-100.0%

FWRD Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

FWRD quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	N/A	N/A	N/A	N/A	N/A	48.8%-3.0pp	51.8%+1.4pp	50.4%-3.0pp	53.4%-1.9pp	55.3%	N/A	N/A	N/A	N/A	N/A
Operating Margin	1.5%+44.4pp	-43.0%-49.4pp	6.4%-8.3pp	14.7%+4.1pp	10.6%+4.8pp	5.8%-3.4pp	9.3%-1.0pp	10.3%+1.0pp	9.3%+3.5pp	5.8%-2.7pp	8.5%-3.8pp	12.3%-0.6pp	12.9%-1.4pp	14.3%-0.1pp	14.4%
Net Margin	-4.2%+29.0pp	-33.1%-45.3pp	12.2%+0.7pp	11.5%+3.9pp	7.6%+5.8pp	1.9%-5.3pp	7.2%-0.9pp	8.1%+0.6pp	7.5%+4.8pp	2.7%-3.1pp	5.8%-2.0pp	7.8%-0.5pp	8.3%-0.7pp	9.0%+0.2pp	8.8%
Return on Equity	-91.8%+314.7pp	-406.5%-428.3pp	21.9%-5.4pp	27.3%+9.4pp	17.9%+13.5pp	4.3%-10.8pp	15.1%-1.5pp	16.6%+0.3pp	16.4%+10.9pp	5.5%-5.4pp	10.9%-2.3pp	13.2%+0.7pp	12.5%-2.5pp	15.0%-1.5pp	16.4%
Return on Assets	-3.8%+25.4pp	-29.3%-34.9pp	5.6%-10.4pp	16.0%+6.5pp	9.5%+7.2pp	2.3%-6.5pp	8.8%-3.3pp	12.1%-0.5pp	12.6%+8.3pp	4.3%-3.7pp	7.9%-3.4pp	11.3%+0.6pp	10.8%-2.4pp	13.2%-0.7pp	13.8%
Current Ratio	1.220.0x	1.23-0.2x	1.46-0.3x	1.80+0.1x	1.72+0.3x	1.43-0.3x	1.72-1.0x	2.69+0.2x	2.53+0.8x	1.75+0.2x	1.59-1.8x	3.40-3.0x	6.37-0.7x	7.11+3.0x	4.12
Debt-to-Equity	14.89+6.6x	8.31+5.4x	2.90+2.7x	0.15-0.1x	0.26+0.1x	0.21+0.1x	0.120.0x	0.090.0x	0.08-0.2x	0.29+0.2x	0.05+0.1x	0.000.0x	0.000.0x	0.000.0x	0.00
Asset Turnover	0.920.0x	0.88+0.4x	0.46-0.9x	1.39+0.1x	1.240.0x	1.210.0x	1.23-0.3x	1.50-0.2x	1.69+0.1x	1.60+0.2x	1.37-0.1x	1.45+0.2x	1.29-0.2x	1.46-0.1x	1.57
FCF Margin	0.6%+4.9pp	-4.3%-16.6pp	12.3%-0.3pp	12.6%+6.6pp	5.9%0.0pp	6.0%-5.3pp	11.3%+1.3pp	9.9%+4.4pp	5.6%-3.0pp	8.6%+3.8pp	4.7%-2.0pp	6.7%-1.8pp	8.5%+0.4pp	8.1%-2.3pp	10.4%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Margin	-29.9%-33.1pp	3.5%+2.7pp	-0.4%	2.4%-1.1pp	3.1%	0.8%+12.9pp	N/A	3.5%0.0pp
Net Margin	-30.8%-28.8pp	-5.9%+2.4pp	-3.9%+1.9pp	-2.6%+8.6pp	-2.0%	-8.3%+3.1pp	-5.8%-35.8pp	-11.2%-13.9pp
Return on Equity	N/A	-42.4%-9.6pp	-21.6%-3.6pp	-11.6%+20.8pp	-8.3%+219.2pp	-32.8%-26.1pp	-18.1%-31.4pp	-32.5%-33.9pp
Return on Assets	-8.6%-8.1pp	-1.3%+0.5pp	-0.9%+0.4pp	-0.6%+1.8pp	-0.5%+20.6pp	-1.8%-0.3pp	-1.3%-4.7pp	-2.4%-3.2pp
Current Ratio	1.32+0.1x	1.23+0.1x	1.220.0x	1.200.0x	1.20-0.1x	1.13-0.2x	1.23-0.2x	1.210.0x
Debt-to-Equity	N/A	20.87+10.0x	14.89+6.6x	12.05+4.6x	11.08+5.2x	10.86+9.1x	8.31+5.4x	7.40+7.2x
Asset Turnover	0.28+0.1x	0.220.0x	0.230.0x	0.230.0x	0.220.0x	0.22+0.1x	0.23+0.1x	0.21-0.1x
FCF Margin	-1.2%+1.7pp	6.7%+4.1pp	-4.9%-0.1pp	7.7%+1.5pp	-2.9%+6.4pp	2.6%+13.0pp	-4.8%-19.1pp	6.2%+0.7pp

Not reported in any period shown, so not listed: Gross Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Forward Air Corp FWRD	FY2025	$2.5B	-$104.0M	-4.2%	$528.3M	30/100
CryoPort, Inc. CYRX	FY2025	$176.2M	$78.3M	44.4%	$878.8M	53/100
Radiant Logistics, Inc. RLGT	FY2026	$934.4M	$18.8M	2.0%	$431.9M	48/100
Pitney Bowes Inc. PBI	FY2025	$1.9B	$144.7M	7.6%	$2.3B	16/100
HUB Group Inc HUBG	FY2024	$3.9B	$104.0M	2.6%	$1.6B	47/100
Landstar System Inc LSTR	FY2025	$4.7B	$115.0M	2.4%	$5.7B	57/100

Where Forward Air Corp Ranks

Frequently Asked Questions

What is Forward Air Corp's annual revenue?

Forward Air Corp (FWRD) reported $2.5B in total revenue for fiscal year 2025. This represents a 0.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Forward Air Corp's revenue growing?

Forward Air Corp (FWRD) revenue grew by 0.8% year-over-year, from $2.5B to $2.5B in fiscal year 2025.

Is Forward Air Corp profitable?

No, Forward Air Corp (FWRD) reported a net income of -$104.0M in fiscal year 2025, with a net profit margin of -4.2%.

What is Forward Air Corp's EBITDA?

Forward Air Corp (FWRD) had EBITDA of $189.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Forward Air Corp have?

As of fiscal year 2025, Forward Air Corp (FWRD) had $106.0M in cash and equivalents against $1.7B in long-term debt.

What is Forward Air Corp's operating margin?

Forward Air Corp (FWRD) had an operating margin of 1.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Forward Air Corp's net profit margin?

Forward Air Corp (FWRD) had a net profit margin of -4.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Forward Air Corp's return on equity (ROE)?

Forward Air Corp (FWRD) has a return on equity of -91.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Forward Air Corp's free cash flow?

Forward Air Corp (FWRD) generated $15.3M in free cash flow during fiscal year 2025. This represents a 114.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Forward Air Corp's operating cash flow?

Forward Air Corp (FWRD) generated $44.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Forward Air Corp's total assets?

Forward Air Corp (FWRD) had $2.7B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Forward Air Corp's capital expenditures?

Forward Air Corp (FWRD) invested $29.1M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Forward Air Corp have outstanding?

Forward Air Corp (FWRD) had 32M shares outstanding as of fiscal year 2025.

What is Forward Air Corp's current ratio?

Forward Air Corp (FWRD) had a current ratio of 1.22 as of fiscal year 2025, which is considered adequate.

What is Forward Air Corp's debt-to-equity ratio?

Forward Air Corp (FWRD) had a debt-to-equity ratio of 14.89 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Forward Air Corp's return on assets (ROA)?

Forward Air Corp (FWRD) had a return on assets of -3.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Forward Air Corp's P/E ratio?

Forward Air Corp (FWRD) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $528.3M as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Forward Air Corp's price-to-sales ratio?

Forward Air Corp (FWRD) trades at 0.2x sales, its market capitalization divided by revenue of $2.5B revenue, trailing 12 months to June 30, 2026. The market capitalization is $528.3M as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Forward Air Corp's Altman Z-Score?

Forward Air Corp (FWRD) has an Altman Z-Score of 0.90, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Forward Air Corp's Piotroski F-Score?

Forward Air Corp (FWRD) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Forward Air Corp's earnings high quality?

Forward Air Corp (FWRD) reported a net loss of $104.0M while generating $44.4M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Forward Air Corp cover its interest payments?

Forward Air Corp (FWRD) has an interest coverage ratio of 0.20x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Forward Air Corp?

Forward Air Corp (FWRD) scores 30 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.